MCC Seeks Joint Bid With Minara On BHP's Ravensthorpe -Source
25 11월 2009 - 11:15AM
Dow Jones News
China Metallurgical Group Corp., or MCC, has approached nickel
miner Minara Resources Ltd. (MRE.AU) to launch a joint bid for BHP
Billiton Ltd.'s (BHP) idled Ravensthorpe nickel mine, a person
familiar with the situation said this week.
Minara and MCC have emerged as strong contenders given their
technical experience with nickel laterite mines and the pair
teaming up would significantly lessen competitive tension in BHP's
attempt to sell the failed operation.
Final bids are due Wednesday, and aside from MCC and Minara,
Poseidon Nickel Ltd. (POS.AU) and Canada's First Quantum Ltd.
(FM.T) remain in the running, a second person familiar with the
sale process said.
Poseidon has a market capitalization of only A$44 million and is
lacking the financial muscle to purchase Ravensthorpe. First
Quantum is cash-rich but is focused on copper production and only
has early-stage nickel projects.
BHP is seeking up to A$500 million for the mine but the acquirer
would also have to invest substantially to improve the operation's
performance as well as restart costs.
"There's a disconnect between BHP's internal thinking about the
price versus reality. Ravensthorpe is a very poorly defined ore
body and the company has written its value down to zero. BHP isn't
having the kind of auction they want," the first person familiar
said.
A BHP spokeswoman reiterated that the company was investigating
divestment, restart or a permanent closure.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8272-4689 elisabeth.behrmann@dowjones.com
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